Neo Financial is a Canadian FinTech that was founded by two of the co-founders of Skip the Dishes (Andrew Chau and Jeff Adamson) and Kris Read. Neo, a relatively new technology company which sole aims are to integrate modern technology into the banking industry. By developing its Neo Financial Credit Card, this company strives to use technology to improve the financial lives of Canadians.
Neo Financial Credit currently offers Canadians access to an innovative instant cashback credit card (Neo Card) and a high-interest savings account (Neo Savings). Neo Financial has partnerships with Concentra Bank and ATB Financial. In 2020, it was recorded that, Neo raised about $50 million in seed financing and the company has offices in Calgary and Winnipeg.
The Neo Financial credit card (or Neo Card) offers three levels of cashback rewards at participating retailers and brands. It starts at $0 per month in fees. If you use your credit card to pay for most purchases, you can significantly increase your instance cash back rewards with the Neo Cash back Rewards MasterCard Plus or Max plans for a small monthly fee.
The main concept of this credit card is to make both spendings and saving rewarding for Canadian consumers. This review provides an insight into Neo Financial, its cash back rewards program, how it compares to alternative cashback cards, and how to grow your savings faster with Neo Savings.
Neo Financial Credit Card Key Features
====> The annual fees of this credit card is $0, you don’t need to worry about the annual fee any longer
====> The purchase APR ranges between 19.99% – 24.99%, it considered averagely good
====> On this credit card, you will enjoy instant cash back rewards average of 4%
====> You will also enjoy digital wallets but on Google pay and Apple Pay
====> You will also enjoy cash advance APR between 22.99% – 26.99%
====> The credit score requires applying for this credit variable
====> You will able to access your details via a mobile app
Benefits of Neo Financial MasterCard
This credit card offers various benefits, most especially those that enjoy using a local shop for purchasing. Though, it is believed there various cards available in the market which offers benefits, such as cash back, sign up bonus and lots more.
Meanwhile, one benefit makes this ahead of other credit cards in the market. On Neo Financial MasterCard, you will enjoy instant cash back on your purchase through a credit card. As a matter of fact, this part of the article will run through Neo Financial Credit Card benefits
Build Credit: Neo credit card will help its users to build credit. Whether you have a lack of existing credit or a bad credit profile. By making your regular payments using NeoCard on time and in full, you will be able to positively affect your credit score.
No Fees: Neo card has no annual fees and no fees if you spend more than your limit. Therefore, you don’t need to panic about the annual fee at all.
Higher Credit Limit: The Neo Credit MasterCard automatically increases your credit limit when you become eligible.
You don’t need to apply, once you are eligible, it will increase automatically. This saves consumers time and stress when looking to use their cards to make larger purchases.
Earn Rewards: Neo Credit Card enables you to earn rewards when you shop at local stores. This is not an ordinary reward, but an instant cash back reward.
In keeping with the general spirit of credit cards, the rewards are financial. After noticing that most Canadians don’t actually use the rewards on their credit cards. Neo aimed to make the rewards it offers more accessible in general.
Save Money: By integrating all of its functions into a centralized application, Neo Finance gives customers access to a variety of different tools to help maintain their credit profile.
These tools include alerts, insights into your spending, and the ability to freeze your accounts if you misplace your Neo Financial Credit Card.
Purchase Discounts: Depending on the business in question, you can access different discounts as a reward.
By partnering with companies in your area, Neo Finance is able to offer high-end incentives to help you and your local economy.
These discounts include: Cafes is about 20%, E-commerce is about 15%, Gas is around 5%, and Fitness is about 20%. Other are Restaurants is about 15%, Grocery is 10%, Shopping is about 15%, and Entertainment is 15%
Mobile App: The Neo Financial app is available on iOS and Android phones and offers access to a versatile dashboard where you can easily manage your finances. You can pay bills, check cashback offers, use Apple and Google Pay for fast POS transactions, and easily freeze your card if it goes missing
Neo Credit Card Application Requirement
====> The applicant need his or her name, residential status and contact information
====> Applicant need Social Insurance Number (SIN) and date of birth
====> Applicant need active email address and phone number
How to Apply for Neo Credit Card?
With what you have explored about Neo Financial Credit Card, you have made up your mind to apply for this credit card.
Neo makes the application process available both on their app. While the application and credit card is available to all Canadians, except those living in Quebec which is coming soon.
The application takes place through an online process. It is very simple and easy to go about. You only need to follow a simple step guide to complete the application.
Step 1 ====> Download the app, the app is available on Google Play Store and Apple Store for Android users and iOS users respectively.
Once you have downloaded the Neo Financial app, you can complete the application without impacting your credit. When you are in the app, then you get the option to open a savings account.
Step 2 ====> Verify your identity, after the first step, you need to prove that you are who you say you are.
The process involves you supplying a government-issued identification card. You provide an image of both sides of the card. In addition, the site requires you to supply a picture of yourself.
Step 3 ====> Approval, once your application is approved, you get immediate access to your card virtually. The physical card is expected to arrive in approximately one week’s time.
Is the Neo Card Safe and Legit?
This is one of the common questions about Neo MasterCard. Is it legit or not? Neo Financial is backed by ATB Financial, a financial institution in Alberta with assets of over $55.1 billion.
It keeps your savings at Concentra Bank which is a member of the Canada Deposit Insurance Corporation (CDIC). CDIC membership means that your deposits are eligible for deposit insurance up to $100,000.
Neo Cash back Rewards MasterCard users enjoy the standard zero liability protection. With these facts, Neo Financial Credit card is Legit and safe.
Where can I Earn Accelerated Points with My Neo Financial MasterCard?
You can earn accelerated cash back with Neo partners. There are different offers from merchants for in-store and online purchases.
Therefore you need to check the Neo Financial app to find out which deals are current and where you should target your shopping. Just be aware that local deals may only be available in Calgary, Edmonton and Winnipeg
Which Neo Credit Card is Right for me?
You can sign up for three different Neo credit card plans, there are Essential, Plus and Max. Depending on how much cash back you want to earn and how much you are willing to pay for your monthly fee.
Just keep in mind that you won’t be guaranteed the cash back rates listed below since rates may vary by merchant. Before you sign up for a premium card, you should make sure that you will be able to earn enough cashback to make up for the monthly fee you will have to pay to maintain your card.
You should also keep in mind that you’ll only earn cashback with non-partners on purchases up to $1,250 per month.
Can I use My Neo Credit Card with Google Pay and Apple Pay?
Yes, absolutely yes. Neo is partnered with both Google Pay and Apple Pay digital wallets so even if you forget your physical wallet at home, you can still use your card.
Is The Neo Financial Credit Card a Good Choice For You?
With an increasing number of credit cards hitting the market, it is important to assess which one is the best fit for your needs.
The main selling feature behind the Neo Financial Credit Card is the fact that all of its features are integrated. The incentives are substantial enough that it mitigates the benefits of choosing multiple accounts.
It is designed to make your rewards automatically accessible, so you can actually reap the benefits of the credit card and all of its perks
While this card is not yet fully launched to the public, it does look promising. The 4% cash back rate is great if the offers are goods and services you normally buy or pay for, and this plan is free.
If the featured offers end up being mostly services you don’t need, the Essential Rewards plan could easily go from 4% cash back to nothing at all. The Plus and Max rewards tiers offer 0.50% – 1% cash back on all other purchases, however, this comes at a price
Does Neo Financial offer a welcome Bonus Offer on this Card?
No. This card doesn’t offer a welcome bonus for signing up. However, it does mention that you will earn a cash back return of 4% on average, which is much higher than what many other credit cards offer.
Just be aware that you can only take advantage of this offer with Neo Financial’s partners, and they may be limited in some cities